Registration number:
A Gambardella Limited
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A Gambardella Limited
Statement of Financial Position as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
6,000 |
6,000 |
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Retained earnings |
1,029,001 |
992,348 |
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Shareholders' funds |
1,035,001 |
998,348 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
A Gambardella Limited
Statement of Financial Position as at 30 September 2023
Approved and authorised by the
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Mr J Petrillo
Director
Company registration number: 00609412
A Gambardella Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 30 September 2023 and had net assets at that date amounting to £1,035,001.
The company continues to receive rental income and the director doesn't believe that the current economic environment or global conflicts will have a material effect on the company.
After having made enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
In view of the foregoing the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of rental income receivable in the ordinary course of the company's activities recognised evenly over the period of the lease or licence.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
A Gambardella Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% per annum |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year was
A Gambardella Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Investment properties |
2023 |
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Fair value |
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At 1 October 2022 |
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Fair value adjustments |
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At 30 September 2023 |
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The investment properties are stated at fair value as estimated by the director at 30 September 2023 at an amount of £1,270,000.
Debtors |
2023 |
2022 |
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Other debtors |
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A Gambardella Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Profit and loss reserve |
The amount of the profit and loss reserve that is non-distributable is £996,121 (2022:£958,621).